LOAN AGREEMENT
Borrower: TUPPS BREWERY, LLC
721 Anderson Street
McKinney, Texas 75069
Lender: MCKINNEY ECONOMIC DEVELOPMENT CORPORATION
5900 Lake Forest Drive, Suite 110
McKinney, Texas 75070
THIS LOAN AGREEMENT between TUPPS BREWERY, LLC, a Texas limited liability
company (‘Borrower’), and the MCKINNEY ECONOMIC DEVELOPMENT
CORPORATION, a Texas non-profit corporation, (‘Lender’) is made and executed on
the following recitals, terms and conditions.
WHEREAS, Borrower is a start-up stage craft beer brewery; and
WHEREAS, Borrower has applied to Lender for a loan or loans and other financial
accommodations to enable It to’establish its corporate headquarters to a
commercial office location in McKinney, Texas, including those loans and
advances which are described in this Agreement and those which may be
described on any exhibit or schedule attached to this Agreement; and
WHEREAS, Lender approved a loan including certain financial incentives to Borrower
‘at a Board meeting(s) which would allow Borrower to relocate its
headquarters to McKinney, Texas; and
WHEREAS, Borrower understands and agrees that: (a) in granting, renewing, or
extending any Loan, Lender is relying upon Borrower's representations,
warranties, and agreements, as set forth and provided for in ‘this
Agreement; (b) the granting, renewing, or extending of any Loan by
Lender at ‘all times shall be subject to Lender's sole judgment and
discretion; and (c) all such Loans shall be and shall remain subject to the
terms and conditions as set forth in this Agreement,
SECTION 1. TERM.
This Agreement shall be effective as of October 31, 2014 (the “Effective Date")
and shall continue thereafter until all obligations of Borrower to Lender have been
performed in full and the parties terminate this Agreement in writing, or on the
Loan Maturity Date, unless terminated sooner under the provisions hereof.SECTION 2. DEFINITIONS.
The following words shall have the following meanings when used in this
Agreement. Terms not otherwise defined in this Agreement shall have the
meanings attributed to such terms in the Texas Uniform Commercial Code,
Agreement, The word "Agreement" means this Loan Agreement,
together with ‘all exhibits and schedules attached to this Loan Agreement
from time to time, if any.
Borrower. Tho word "Borrower" means TUPPS BREWERY, LLC, a
Texas limited liability company.
City. The word “City” means the City of McKinney, Collin County, Texas.
Event of Default. The words "Event of Default" mean and include any of
the Everits of Default set forth below in the section entitled "Events of
Default."
Facility. The word “Facility” means Borrower's leased headquatters,
brewery, and office space located at 721 Anderson Street, McKinney, TX
75069,
Indebtedness. The word "Indebtedness" means and includes without
limitation all Loans, together with all other obligations, debts and liabilities
of Borrower to Lender, or any one or more of them, as well aé all claims by
Lender against Borrower, or any one or mote of them; whether now or
hereafter existing, voluntary or involuntary, due or not due, absolute or
contingent, liquidated or unliquidated; whether Borrower may be liable
corporately or jointly with others; whether Borrower may be obligated as a
guarantor, surety, or otherwise; whether recovery upon such Indebtedness
may be or hereafter may become otherwise unenforceable.
Lease. The word “Lease” means Borrower's headquarters, brewery, and
office space located within the corporate limits of the City, having a
guaranteed fixed term of not less than five (5) years from the Effective
Date of this Agreement.
Lender. The word "Lender" means the MCKINNEY ECONOMIC
DEVELOPMENT CORPORATION, a Texas non-profit corporation, its
successors and assigns.
Loan. The word "Loan" or "Loans" means and includes any and all loans
and financial accommodations from Lender to Borrower, whether now or
hereafter existing, and however evidenced, including without limitationthose loans and financial accommodations described in this Agreement
and described on any exhibit or schedule attached to this Agreement.
Loan Maturity Date. The word “Loan Maturity Date” means October 31,
2022.
New Employes. The words "New Employee" means a fulltime, direct
employee of Borrower, working a minimum of thirty-two (32) hours per
week, who shall be employed in a position physically based at the Facility.
New Employee shall not include employees of Borrower's subcontractors
or vendors, whether working at the Facility or otherwise.
Note. The word "Note" means the Promissory Note of even date herewith
executed by and between the parties hereto in the principal amount of up
to TWENTY-SEVEN THOUSAND FIVE HUNDRED AND NO/400
DOLLARS ($27,500.00), due upon demand and payable on or before the
Loan Maturity Date.
Related Documents. The words "Related Documents" mean and include
without limitation all promissory notes, credit agreements, loan
agreements, guaranties, security agreements, mortgages, deeds of trust,
and all other instruments and documents, whether now of hereafter
existing, executed in connection with Borrower's Indebtedness to Lender.
Required Jobs. The words "Required Jobs" mean eleven (11) newly-
created jobs for New Employees at the Facility, which group of New
Employees have been hired on or before October 31, 2017 and which, in
the aggregate, have a mean and median salary of not less than
$31,670.00.
Salary. The word "Salary" shall mean the base annual compensation of
any New Employee, exclusive of benefits, employer-paid taxes, health
insurance, bonus, car allowance and related employee perquisites.
SECTION 3, AFFIRMATIVE COVENANTS,
Borrower covenants and agrees with Lender that, while this Agreement is in
effect, it shall comply with the following terms and conditions:
a,
Loan Advances. Upon execution of this Agreement, Borrower shall be
eligible to receive Loan Advances in the aggregate of up to TWENTY-
SEVEN THOUSAND FIVE HUNDRED AND NO/100 DOLLARS
($27,500.00) upon full satisfaction of Section 3.Borrower Obligations.
(ty
(2)
(3)
4)
Required Jobs. Borrower shall create the total Required Jobs on
or before October 31, 2017 and the Required Jobs shall be
maintained at the Faclity for not less than five (6) years from the
date of any Loan Advance disbursed for any subset of New
Employees. Upon receipt of Borrower's estimate of Required Jobs
at the Facility as of the date of occupancy, Lender shall make the
first advance in an amount equal to $2,500 per Borrower's
estimated Required Job certificate. Thereafter, at the first, second
and third anniversary date of the Lease, Borrower will provide
MEDC with a detailed report selfing forth the status of Required
Jobs as of the end of the respective year. Upon verification of the
data in the report, MEDC will make an incentive payment within 30
days to Borrower equal to $2,500 per New Employee created, up to
the maximum amount referenced in Paragraph 3(a). It is expressly
agreed that MEDC will make payment for each incremental, or net,
New Employee only once. Any reduction in New Employees (by
layoff, termination of otherwise) which have previously received an
incentive payment shall be disclosed to Lender and adjusted during
the next Payment Year, including repayment for any overpayments.
If at the third anniversary of the Effective Date Borrower has
received Loan Advances in excess of the net New Employees then
located at the Faollity, Borrower shall immediately refund that
amount representing unearned Required Jobs. For example, if
Borrower created five (5) New Employees in Payment Years 1
(Occupancy) and 2 (in aggregate) and received $12,500 in Loan
Advances; and thereafter, at the end of the third (3") Payment
Year, Borrower had only eight (8) New Employees located at the
Facility, Borrower would be immediately obligated to pay Lender
$7,500 (representing three (3) unéamed Required Jobs x
$2,500/New Employee).
At the third anniversary of the Effective Date, Borrower shall
provide Lender with a detailed report of the status of New
Employees and Required Jobs. It is expressly agreed that Lender
shall only provide a Loan Advance for any New Employee once.
Cortificate of Occupancy. Borrower shall obtain a Certificate of
Occupancy for the Facility and locate the new business personal
property at the Facilily prior to October 31, 2014,¢. Additional Assurances, Borrower agrees to make, execute and deliver
to Lender at the time of execution and delivery of the Note, such
instruments, documents and other agreements as Lender or its attomeys
may reasonably request to evidence the Loan.
d. Compliance Certificates. Borrower shall provide Lender with compliance
certificates when requested, such cerfificates specifying or reflecting:
(1) anexisting and valid Certificate of Occupancy for the Facility; and
(2) __ the verification of the Lease; and
(8) an annual, detailed verification of the Required Jobs, including the
initial estimate, indicating the position created, the classification of
the job, the base salary, the date the job is filled, and the
behefits/perquisites of the job.
e. Performance. Borrower agrees to perform and comply with all terms,
conditions, and provisions set forth in this Agreement and in all other
Instruments and agreements between Borrower and Lender,
SECTION 4. CESSATION OF ADVANCES.
If Lender has made any commitment to make any Loan to Borrower, whether
under this Agreement or under any other agreement, Lender shall have no
obligation to advance or disburse Loan proceeds if:
a. Borrower bacomes insolvent, files a petition in bankruptcy or similar
proceedings, or is adjudged bankrupt; or
b. — duting the pendenoy of an Event of Default.
SECTION 5, LOAN FORGIVENESS.
‘The Loan Advance(s) shall be eligible for forgiveness on November 1, 2022. The
amount of eligible forgiveness shall be calculated by multiplying ‘(j) the net
humber of Required Jobs that were created from October 31, 2074 through
October 31, 2017 by (i) $2,500.00, and which are working at the Facility on
October 31, 2017 (the "Net New Employees"); however such forgiveness amount
shall be further reduced by the difference between the Net New Employees and
the actual number of New Employees existing at the Facility as of the Maturity
Date muttiplied by $2,500.00. Notwithstanding the provisions hereof and the
obligations contained in the Note executed incident hereto, provided Borrower
has not defaulted under Section 6 during the Term of this Loan Agreement and is
not in default on the Loan Maturity Date, all advances not otherwise forgiven as
of the Loan Maturity Date shall be due and payable on the Loan Maturity
Date,SECTION 6. EVENTS OF DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement.
a.
Certificate of Occupancy. Fallure of Borrower to receive a Certificate of
Occupancy in accordance with Section 3(b)(4),
Required Jobs. Failure of Borrower to create and maintain the Required
Jobs in accordance with Section 3(b)(1).
Lease of Facility. Failure of Borrower to execute and perform under the
Lease for the required fixed term.
False Statements. Any warranty, representation or statement made or
furnished to Lender by or on behalf of Borrower under this Agfeement or
the Related Documents that is false, or misleading in any material respect,
either now or at the time made or furnished,
Insolvency. Borrower's insolvency, appointment of receiver for any part of
Borrower's property, any assignment for the benefit of creditors of
Borrower, any type of creditor workout for Borrower, or the
‘comrnencement of any proceeding under any bankruptoy or insolvency
laws by Borrower or against Borrower and not dismissed within sixty (60)
days of fling thereof.
‘Ad Valorem Taxes. Failure of Borrower to pay, prior to delinquency, all
taxes and assessments levied or assessed upon Borrower's real property
improvements or business personal property.
Undocumented workers. Borrower certifies that Borrower does not and
will not knowingly employ an undocumented worker in accordance with
Chapter 2264 of the Texas Government Code, as amended. If during the
‘Term of this Agreement, Borrower is convicted of a violation under 8
U.S.C. § 1324a(f), Borrower shall be in default hereunder.
Other Defaults. Failure of Bortower after written notice and thirty (30)
days opportunity to cure, to comply with or to perform any other term,
obligation, covenant or condition contained in this Agreement or in any of
the Related Documents, or falluro of Borrower to comply with or to perform
any other term, obligation, covenant or condition contained in any other
obligation, covenant or condition contained in this Agreement or in any of
the Related Documents, or failure of Borrower to comply with or to perform
any other term, obligation, covenant or condition contained in any other
written agreement between Lender and Borrower, and specifically, should
Borrower sublet or assign any of its interest in any portion of the Facility to
6any unrelated or unaffiliated entity without Lender's prior written consent,
which consent shall not be unreasonably withheld, conditioned or delayed.
SECTION 7. EFFECT OF AN EVENT OF DEFAULT.
If any Event of Defaull shall occur and upon thirty (30) days written notice and
opportunity to cure Borrower has not cured such Event of Default within 30 days
of written notice, then all commitments of Lender under this Agreement
immediately shall terminate (including any obligation to make Loan advances),
and all amounts previously advanced under the Loan, not otherwise
forgiven under Section 5, will become immediately due and payable, all
without notice of any kind fo Borrower, at the option of Lender, except for an
Event of Default described in the "Insolvency" subsection above, in which case
suoh acceleration shall be automatic and not optional. Any Default which may be
cured by the payment of money shall not extend beyond the 30-day period
referenced herein, Any amounts due and payable shall not accrue interest until
they ate deemed to be past due as provided in the Note.
SECTION 8. INDEMNIFICATION.
Borrower shall indemnify, save, and hold harmless Lender, Its directors,
officers, agents, attorneys, and employees (collectively, the "Indemnitees")
from and against:
a any and all claims, demands, actions or causes of action that
are asserted against any Indemnitee if the claim, demand,
action or cause of action relates to tortious Interference with
contract or business interference, or wrongful or negligent use
‘of Lender's loan advances by Borrower or its agonts and
‘employees;
b, any administrative or investigative proceeding by any
governmental authority related to a claim, demand, action or
cause of action in which Lender is a disinterested party;
c. any claim, demand, action or cause of action which contests
or challenges the legal authority of Lender or Borrower to
entor into this Agreement; and
d. any and all liabilities, losses, costs, or expenses (including
reasonable attorneys’ fees and disbursements) that any
Indemnitee suffers or incurs as a result of any of the
forogoing; provided, however, that Borrower shall have no
obligation under this Soction to Lender with respect to any of
the foregoing to the extent that such claims or liabilities arise
7cout of the negligence or willful misconduct of Lender or the
breach by Lendor of this Agreement,
If any claim, demand, action or cause of action is asserted against any
Indemnitee, such Indemnites shall promptly notify Borrower, but the failure
to. so promptly notify Borrower shall not affect Borrower's obligations
under this Section unless such failure materially projudices Borrower's
right to participate In the contest of such claim, demand, action or cause of
action, as hereinafter provided. If roquested by Borrower in writing, as so
long as no Default or Event of Default shall have occurred and be
continuing, such Indemnitee shall in good faith contest the validity,
applicability and amount of such claim, demand, action or cause of action
and shall permit Bortower to participate in such contest. Any Indemnitee
that proposes to sottle or compromise any claim, demand, action, cause of
action or proceeding for which Borrower may be liable for payment of
indemnity hereunder shall give Borrower written notice of the terms of
such proposed settlement or compromise reasonably in advance of
settling or compromising such claim or proceeding and shall obtain
Borrower's concurrence thereto.
SECTION 9. BORROWER'S REPRESENTATIONS.
By execution hereof, the signatories warrant and represent that they have the
requisite authority to execute this Agreement and the Related Documents and
that the representations made herein, and in the Related Documents, are true
and accurate in all respects.
SECTION 10. MISCELLANEOUS PROVISIONS.
The following tniscellaneous provisions are a part of this Agreement:
a, Amendments. This Agreement, together with any Related Documents,
constitutes the entire understanding and agreement of the parties as to
the matters sot forth in this Agreement, No alteration of or amendment to
this Agreement shall be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or
amendment.
b. Facility Relocation within the City of McKinney. In the event Borrower
determines the need to relocate to a new or different property during the
term of the Loan, Lender will not unreasonably withhold approval for such
a change and amendment of the Loan as long as the subsequent property
is approximately equivalent or greater in (a) size and (b) contains an
equivalent level of finish-out to the Facility, and is located within the
corporate limits of the City of McKinney, Texas.
8Extraordinary Administrative Costs. All extraordinary administrative
costs incurred by Lender during any preparation, revision, modification or
amendment of this Agreement and all extraordinary administrative costs
incurred during the preparation or review of any proposed additional or
Related Documents shall be at Borrower's sole cost and expense.
Applicable Law and Venue. This Agreement has been delivered to
Lender and accepted by Lender in the State of Texas. Borrower agrees to
submit to the jurisdiction of the courts of Collin County, State of Texas,
and that venue is proper in said County. This Agreement shall be
governed by and construed in accordance with the laws of the State of
‘Texas and applicable Federal laws.
Employee Hiring, Materials and Supplies Purchase. Although not an
Event of Default or a condition to any disbursement or advance of the
Loan or any portion thereof, Lender requests that Borrower use good faith
efforts to satisfy its need for all additional employees from City residents
and purchase all materials, supplies and services necessary to affect the
construction and subsequent occupancy of the Property from City
merchants and businesses.
Community Involvement. Although not an Event of Default or a
condition to any disbutsement or advance of the Loan or any portion
thereof, Borrower agrees to use good faith efforts to actively participate in
community and charitable organizations and/or activities, the purpose of
which are to improve the quality of life in City, and to actively encourage
its employees to be involved in such organizations and/or activities,
Borrower Audit. Borrower agrees to allow Lender, at a time mutually
acceptable to Lender and Borrower, to audit at Lender's expense all of
Borrower's records, documents, agreements and other instruments in
furtheranco of the following purposes: (|) to ensure Borrower's compliance
with the. affirmative covenants set forth in Section 3 herein; (li) to
determine the existence of an Event of Default set forth in Section 6
herein; and (li) to ensure compliance with any other term or condition of
this Agreement or any Related Document.
Caption Headings. Caption headings in this Agreement are for
convenience purposes only and afe not to be used to interpret or define
the provisions of the Agreement.
Notices. All notices required to be given under this Agreement shall be
given in writing and shall be effective when actually delivered or deposited
in the United States mail, first class, postage prepaid, addressed to the
party to whom the notice is to be given at the address shown above. Any
party may change its address for notices under this Agreement by giving
formal written notice to the other parties, specifying that the purpose of the
9notice Is to change the party's address. For notice purposes, Borrower
agrees to keep Lender informed at all times of Borrower's current address.
Severability. If a court of competent jurisdiction finds any provision of this
Agreement to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that provision invalid or
unenforceable as to any othef persons or circumstances. If feasible, any
suich offending provision shall be deemed to be modified to be within the
limits of enforceability or validity; however, if the offending provision
‘cannot be so modified, it shall be stricken and all other provisions of this
Agreement in all other respects shall remain valid and enforceable.
Survival. All warranties, representations, and covenants made by
Borrower In this Agreement or in any certificate or other instrument
delivered by Borrower to Lender under this Agreement shall be considered
to have been relied upon by Lender and will survive the making of the
Loan and delivery to Lender of the Related Documents, regardless of any
Investigation made by Lehder or on Lender's behalf.
Attorneys’ Fees and Costs. In the event of any action at law or in equity
between the parties to enforce any of the provisions hereof, to the extent
allowed by law any unsuccessful party to such litigation shall pay to the
successful party all costs and expensés, including reasonable attorneys’
fees (including costs and expenses incurred in connection with all
appeals) incurred by the successful party, and these costs, expenses and
attomeys’ fees may be included in and as part of the judgment. A
successful party shall be any party who is entitled to recover its costs of
suit, whether or not the suit proceeds to final judgment.
Time is of the Essence. Time is of the essence in the performance of
this Agreement.
Counterparts. This Agreement may be executed in counterparts, and
such counterparts together shall constitute but one original of the
Agreement. Each counterpart shall be equally admissible in evidence, and
each original shall fully bind each party who has executed it.
Waiver. No failure or delay by a party to insist upon the strict
performance of any term, condition or covenant of this Agreement, o to
‘exercise any right, power or remedy hereunder shall constitute a waiver of
the same or any other term of this Agreement or preclude such party from
enforcing or exercising the same or any such other term, conditions,
covenant, right, power or remedy at any later time.
No Interpretation Against Drafter. Borrower and Lender have
participated in negotiating and drafting this Agreement, and agree that the
Agreement Is to be construed as if drafted jointly. The parties agree that
10‘the Agreement will not be interpreted or construed against either party
should a need for interpretation or resolution of any ambiguity arise.
BORROWER ACKNOWLEDGES HAVING READ ALL OF THE PROVISIONS OF
THIS BUSINESS LOAN AGREEMENT, AND BORROWER AGREES TO ITS TERMS.
THIS AGREEMENT SHALL BE EFFECTIVE AS OF OCTOBER 31, 2014,
PREPARED IN THE OFFICES OF;
BROWN & HOFMEISTER, LLP.
740 E. Campbell Road, Suite 800
Richardson, Texas 75081
214/747-6100
214/747-6111 Fax
BORROWER:
TUPPS BREWERY, LLC
a Texas Limited Liability C,
By:
KEITH LEWIS:
President
Date Signed:_J7=2 8- 204y
LENDER:
McKINNEY ECONOMIC DEVELOPMENT
CORPORATION,
a Texas Non-Profit Corporation,
Nant Daeaect &. Tar
Title: Ahnu nanmacare ——____
Date Signed: s/-24-2fPROMISSORY NOTE
$27,500.00 October 31, 2014
TUPPS BREWERY, LLC, a Texas limited [lability company ("Maker"), For Value
Received, promises and agrees to pay unto the order of IMcKINNEY ECONOMIC
DEVELOPMENT CORPORATION ("Payee"), at their corporate offices located at 5900
S. Lake Forest, Suite 110, McKinney, Texas 75070, in lawful money of the United
States of America, the principal sum of TWENTY-SEVEN THOUSAND FIVE
HUNDRED AND NO/100 DOLLARS ($27,500.00), or so much as shall be advanced,
said sums to accrue no interest, unless and until past due.
TERMS OF PAYMENT: The principal of this Note Is due oh demand, but in any event,
on or before October 31, 2022. Notwithstanding the foregoing, advances hereunder
shall be made in accordance with the terms and provisions of the Loan Agreement
executed as of even date herewith between Maker and Payee, and such advances shall
be forgiven according to said Loan Agreement after such advance if Maker Is not then in
default under the Loan Agreement. As such, Payee shall make no demand on principal
under this Note except for upon occurrence of an Event of Default as that term is
defined in the Loan Agreement.
ALL PAST DUE PRINCIPAL shall bear interest until paid at a rate not to exceed the 1-
Year LIBOR rate plus 4% per annum.
ADVANCES made hereunder are also governed by the Loan Agreement of even date
herewith,
IF DEFAULT Is made In the payment of any interest or principal hereof, as and when
the same is or becomes due, or if an Event of Default occurs under any instrument
securing the payment hereof or executed in connection, herewith, including the Loan
Agreement, the owner and holder of this Note may declare all sums owing hereon due
and payable within thirty (30) days of the date of notice, If default is made in the
payment of this Note at maturity (regardless of how its maturity may be brought about),
and the same is placed in the hands of an attorney for collection, or suit Is filed hereon,
‘or proceedings are had in bankruptcy, probate, receivership or other judicial
proceedings for tho establishment or collection of any amount called for hereunder, or
afy amount payable or to be payable hereunder is collected through any such
proceedings, Maker agrees and is also to pay to the owner and holder of this Note a
reasonable amount as attomeys' or collection fees.
Except as provided herein and in the Loan Agreement, upon an Event of Default only,
MAKER, co-makers, permitted assigns, sureties and guarantors, and each of them,
expressly waive demand and presentment for payment, notice of nonpayment, protest,
Promissory Note Page 1 of3notice of protest, notice of dishonor, notice of intent to accelerate the maturity hereof,
notice of the acceleration of the maturity hereof, bringing of sult and diligence In taking
any action to collect amounts called for hereunder and in the handling of securities at
any time existing in connection herewith; and are and shall be Jointly, severally, directly
and primarily liable for the payment of all sums owing and to be owing ‘hereon,
regardless of and without any notice, diligence, act or omission as or with respect fo the
collection of any amount called for hereunder or in connection with any right, lien,
interest of property at any and all times had or existing as security for any amount called
for hereunder.
IT IS the intention of Maker and Payee to conform strictly to applicable usury laws.
Accordingly, if the transactions contemplated hereby would- be usurious under
applicable law (inoluding the laws of the State of Texas and the laws of the United
States of America), then, in that event, notwithstanding anything to the contrary herein
or in any agreement entered into in connection with or as security for this Noto, it is
agreed as follows: (i) the aggregate of all consideration which constitutes interest under
applicable law that Is taken, reserved, contracted for, charged or received under this
Note or under any of the other aforesaid agreements or otherwise in connection with
this Note shall under no circumstances exceed the maximum amount of interest allowed
by applicable law, and any excess shall be canceled automatically and, if theretofore
pald, shall be credited on the Note by the holder hereof (or, to the extent that this Note
shall have been or would thereby be paid in full, refunded to the Maker); and (i) in the
vent that maturity of this Note is accelerated by reason of an election by the holder
hereof resulting from any Event of Default, or in the event of any required or permitted
prepayment, then such consideration that constitutes interest may never include more
than the maximum amount allowed by applicable law, and excess interest, if any,
provided for in this Note or otherwise shall be canceled automatically as of the date of
such acceleration or prepayment and, if theretofore paid, shall be credited on this Note
(or, to the extent that this Note shall have been or would thereby be paid ‘in full,
refunded to the Maker).
‘THIS NOTE has been executed and delivered in and shall be construed in accordance
with and governed by the laws of the State of Texas and of the United States of
America, except that V.T.C.A. Finance Code, Chapter 346, as amended (which
regulates certain revolving credit loan accounts and revolving tri-party accounts) shall
not apply hereto, Maker's address for notice is 721 Anderson Street, MoKinney, Texas
75069.
Promissory Note Pago 2 of 3MAKER:
TUPPS BREWERY, LLC, a Texas limited
liability company
PREPARED IN THE OFFICES OF:
BROWN & HOFMEISTER, LLP.
740 E. Campbell Road, Suite 800
Richardson, Texas 75081
244/747-6100
214/747-6111 Fax
Promissory Note Page 3 of 3